Citigroup has taken radical action to cushion the impact of new global capital rules for banks, putting up for sale a $12.7bn portfolio of bad assets that were responsible for some of its huge losses during the financial crisis.
The US financial group revealed the move on Monday alongside first-quarter results that showed a 32 per cent drop in net income that was narrowly better than analysts’ expectations.
Citi said the assets, which are believed to include subprime loans, mortgage-backed securities and corporate bonds, carried a “disproportionately high” risk weighting under the new capital rules known as Basel III.
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